Deere posts higher quarterly profit

ChristopherHinton

NEW YORK (MarketWatch) -- Farm-machinery manufacturer Deere Co.
DE, -0.33%
said Wednesday its fiscal third-quarter profit rose to $617 million, or $1.44 a share, from $420 million, or 99 cents a share, in the year ago period. Total net sales rose 16% to $6.84 billion from $5.89 billion. Analysts polled by FactSet Research were looking for earnings of $1.20 a share, on average, with sales of $6.52 billion. For the fourth quarter, Deere forecast net income of about $375 million, versus the Wall Street consensus of $388.9 million. Shares of Deere fell nearly 2% premarket to $66.

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